Market Commentary

Daily reports from our Chief Economic Strategist.

ONE YEAR AGO…
One year ago, today the NASDAQ 100 closed at an all time. It is now down 31% from this level. According to Bloomberg, this
IS A GEOPOLITCAL PREMIUM ABOUT TO RETURN?
Is a geopolitical premium about to return to the markets? Equities reversed a large part of the gains following the
A RELATIVELY QUIET DAY; PPI AT 8:30
Equites wavered following FRB Vice Chair Brainard statement that it would be “appropriate” for the central bank
HAS INFLATIONARY EXPECTATIONS INCREASED?
As mentioned many times, inflation is a two part dimension…too much money chasing too few goods fearing higher
FED WAS FIRST VIEWED WITH A DOVISH TILT…
As expected the FOMC increased the overnight rate by 75 basis points to a targeted range of 3.75% to 4.0%
JOLTS JOB OPENINGS AND THE FED MEETING
September’s JOLTS Job Openings ended any remote thoughts that the Fed will not increase the overnight rate by 75 bps for a record
WELCOME TO NOVEMBER
October was almost a mirror inverse of September. For the month the S & P advanced about 8.0%. September the S & P declined about
TWO DAY FED MEETING COMMENCES TOMORROW
The two-day FOMC meeting concludes Wednesday. It is expected Fed officials will maintain their resolutely
A DATA DRIVEN RALLY
An index of home price growth slowed the most on record as Federal Reserve interest rates hikes and lofty prices has decimated
AN UNENDING STRING OF IMPORTANT MOMENTS
This week is the next in what seems like an unending string of important moments for global equity markets. We'll receive policy

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